Original-Research: R. STAHL AG (von NuWays AG): Buy
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Original-Research: R. STAHL AG - from NuWays AG
Classification of NuWays AG to R. STAHL AG
Mixed Q3 with sales in line and adj. EBITDA below estimates Topic: R. Stahl released its Q3 results yesterday with sales in line and adj. EBITDA below our estimates. Further, the company specified its FY24e adj. EBITDA guidance. Q3 revenue increased slightly by 1.7% yoy to € 87.4m (eNuW: € 90m) due to a strong oil & gas, marine and pharmaceutical sector. Adj. EBITDA came in at € 8.8m (eNuW: € 12m), a 35% decrease yoy with a 5.7ppts margin reduction to 10.0%. While personnel expenses remained roughly unchanged yoy, other operating expenses increased 9.5% yoy to € 15.9m due to one-time effects such as from the implementation of the EXcelerate strategy program as stated in the CC (c. € 1m in Q3’24, c. € 3.7m in 9M’24). The materials cost ratio increased slightly to 34.1% (vs. 33.4% in Q3’23) mainly driven by a € 0.85m stock write off. From a geographic perspective, Americas performed well with 11.7% yoy sales growth thanks to a strong order backlog in the oil & gas industry. In contrast, Germany, the Central region and Asia/Pacific showed a flat sales development in Q3. Order intake decreased 9.4% yoy to € 74m attributable to economic uncertainties and investment reluctance, leading to € 108m in order backlog (vs. € 132m in Q3’23). While order intake in Americas was soft due to uncertainties from the US election, demand is seen to bounce back in Q4 especially for oil & gas. Order intake in the chemical industry remained muted and improvements are not expected soon. FCF improved considerably yoy to € 6.0m, despite a lower net income and thanks to a reduction in working capital as supply chains eased compared to last year. This development should continue in Q4, leading to a mid single-digit €m FCF for FY24e (vs. € 0.3m in FY23; eNuW: € 6.5m). R. Stahl reiterated its sales (€ 335-350m) and FCF guidance for FY24e (mid single-digit €m) but specified its adj. EBITDA forecast to € 35-40m (previously: € 35-45m). The top-line guidance looks plausible in our view (eNuW: € 344m), even though we decreased our Q4 estimate due to the lower than expected order intake. However, while Q4’24e can still benefit to a large extent from the current backlog, H1’25e is more dependent on order intake in the coming quarters. Hence, we take a more cautious stand for FY25e. Moreover, the adj. EBITDA outlook looks reasonable (eNuW: € 36m) as Q3’24 was impacted by one-offs that will not occur in Q4’24e to a similar extent. We reiterate our BUY rating with a new PT of € 25 (old: € 29), based on DCF. You can download the research here: http://www.more-ir.de/d/31207.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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2024413 07.11.2024 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 274,78 | 246,59 | 248,11 | 274,34 | 330,56 | 343,00 | 0,00 | |
| EBITDA1,2 | 25,27 | 17,18 | 16,82 | 20,59 | 36,64 | 42,85 | 0,00 | |
| EBITDA-Margin3 | 9,20 | 6,97 | 6,78 | 7,51 | 11,08 | 12,49 | 0,00 | |
| EBIT1,4 | 6,34 | 0,49 | -0,06 | 3,85 | 19,12 | 24,85 | 0,00 | |
| EBIT-Margin5 | 2,31 | 0,20 | -0,02 | 1,40 | 5,78 | 7,25 | 0,00 | |
| Net Profit (Loss)1 | 1,35 | -3,53 | -4,93 | 1,93 | 0,18 | 11,85 | 0,00 | |
| Net-Margin6 | 0,49 | -1,43 | -1,99 | 0,70 | 0,05 | 3,46 | 0,00 | |
| Cashflow1,7 | 19,62 | 17,86 | 11,86 | 5,99 | 14,22 | 15,40 | 0,00 | |
| Earnings per share8 | 0,21 | -0,54 | -0,76 | 0,30 | 0,03 | 1,85 | 2,37 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: BDO
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| R. Stahl | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A1PHBB | DE000A1PHBB5 | AG | 104,97 Mio € | 21.07.1997 | Kaufen | 8FXF6M37+44 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 6,88 | 26,67 | 0,26 | -61,05 | 1,55 | 7,38 | 0,32 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 03.06.2025 | 06.05.2025 | 07.08.2025 | 06.11.2024 | 10.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -7,86% | -15,14% | -21,63% | -21,63% | -8,94% |
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